Marketing Research - Factors, Application Knowledge and Functions

Mugging up management principles can't learn management. Management is best learned through handling it systematically. A practical exposure of management principles is the foundation of the career development of any management student. When the theories are actually applied in the market, many external environments factors affect it, thereby, changing its dimensions. Theories provide the fundamental stone for guidance of practice examines the element of the truth lying in the theory.

Defining Marketing Research

 Marketing Research is a systematic and objective study of problems pertaining to the marketing of goods and services. It is not restricted to any particular area of marketing but is applicable to all its phases and aspects. The traditional definition of Marketing Research by American Marketing Association (AMA) -the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services.-  Also defined as the function which links the consumer, customer and public to the marketer through information used to identify and define marketing opportunities and problems. It involves the use of surveys, tests, and statistical studies to analyze consumer trends and to forecast the size and location of markets for specific products or services.

Application KnowledgeMarketing research revolves around the study of different brands of television. Profits flow back the cost and sales are the basis of profits. So this Marketing Research is carried on to get a feedback from the dealers about different characteristics like- market size, market share, price and others alike of various brands sold in certain locations. This research gives us an opportunity to apply our conceptual skills in practice and to learn the art of conducting study and presenting its findings in a systematic and scientific way.

Functions of Marketing Research To provide a point at which all the buying of research is made, so that there is one point to manage it to reduce overlap and duplication. To provide a centre of expertise for the management of the purchasing of research. To manage the supplier-buyer interface . To ensure that the research purchased has a design appropriate for the job To manage the research process from inception to results and further. To help with the integration of different information sources to a common end. To act as a custodian of the marketing knowledge and history of the company's brands. To provide a single place where market research reports are kept and where access to them is available to the whole organization. To help with the creation of an information climate for the company with respect to the markets in which it trades.

Influencing Factors in Marketing ResearchResearch into all factors mainly social, cultural, psychological and personal provides marketers with clues to reach and serve consumers more effectively.The starting point for understanding Marketing Research is consumer behavior. Marketing and environmental stimuli enter the consumer's consciousness. Sets of psychological processes combine with certain consumer characteristics to result in decision processes and purchase decisions. The marketer's task is to understand what happens in consumer's consciousness between the arrival of the outside marketing stimuli and the ultimate purchase decisions. Four key psychological processes-motivation, perception, learning and memory- fundamentally influence consumer responses to the various marketing stimuli. To understand how consumer actually takes the buying decisions, marketers must identify who makes and has input into the buying decision. People can be Initiators Influencers Deciders Buyers or Users

Different marketing campaign might be targeted to each type of person.

Market Research Vs marketing Research'Market' research is simply research into a specific market. It is a very narrow concept. 'Marketing' research is much broader. It not only includes 'market' research, but also areas such as research into new products, or modes of distribution such as via the Internet.

ConclusionA research is a step-by-step process. It is very difficult for any researcher to master all these steps without proper guidance. Application of management principles in all branches whether marketing, sales, personnel, finance and others alike in more effective utilization of available resources enlightens us with deeper knowledge of marketing.

About Author / Additional Info: My partner and me would like to share an important fact with all the readers. Every organization whether large or small faces a lot of problem in absence of adequate knowledge of facts about sales. Hence, Marketing Research is the search for knowledge through various systematic and scientific instruments.

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